Chainlink’s LINK token slid more than 6% to $24.40 over the past 24 hours, tracking weakness across the broader crypto market, even as the network secured a major partnership with Japan’s SBI Group. The drop follows last week’s rally to a year-to-date peak above $27.
Under the agreement, SBI will work with Chainlink to develop tokenized asset and stablecoin infrastructure in Japan, with plans to expand across Asia-Pacific. The collaboration will leverage Chainlink’s CCIP for cross-chain transactions, pilot tokenized fund experiments with on-chain NAV reporting, and explore payment-versus-payment settlement for FX and cross-border transfers. Chainlink’s Proof of Reserve will be deployed to verify stablecoin reserves.
This isn’t the first tie-up between the two firms — both previously collaborated in Singapore’s Project Guardian, a Monetary Authority of Singapore initiative testing blockchain in capital markets.
Technical picture: Resistance is evident at $26.61, while strong support has formed around $24.37 on heavy volumes. Successive lower peaks, however, signal ongoing bearish momentum despite surging trading activity.
